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ALLIANCE RESOURCES: STUDY ADVANCES WEEDNANNA PROJECT

Adelaide, Apr 18

Alliance Resources is continuing infill drilling after a scoping study confirmed positive economics for its proposed 250,000tpa processing plant development of its 100%-owned Weednanna gold project in South Australia’s northern Eyre Peninsula.The study by consultant Mining One outlines $US36M capital cost for the plant and tailings storage facility, plus $8M prestrip costs for the planned openpit mine.Weednanna, part of its Wilcherry project within the Gawler Craton, holds indicated-inferred mineral resources of 1.1Mt @ 5.1g/t for 181,000oz gold. The drilling aims to increase the 50% of inferred resources to indicated to support higher-level feasibility studies.